Department of Labor Issues New Rules on 401(k) Fee Disclosure to Participants

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The U.S. Department of Labor recently issued final regulations requiring enhanced fee disclosure to participants in 401(k) plans and other defined contribution plans subject to the Employee Retirement Income Security Act (ERISA) that have participant-directed investments. For purposes of the new regulations, “participant” means any employee who is eligible to participate in the plan, regardless of whether such individual is actually enrolled in the plan. Disclosure of the new required information will require significant effort from plan administrators and plan service providers.

On October 14, 2010, the U.S. Department of Labor (DOL) issued final regulations requiring enhanced fee disclosure to participants in 401(k) plans and other defined contribution plans subject to the Employee Retirement Income Security Act (ERISA) that have participant-directed investments. These final regulations replace the proposed regulations issued on July 23, 2008. The DOL has been concerned that participants do not have the information they need to make informed decisions on investing their plan accounts, and intends for these new requirements to provide participants with the necessary information to make informed investment decisions.

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